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Elon Musk pushed back. Hard. After Senator Bernie Sanders went public with fresh criticism about Musk’s staggering wealth, Musk’s response was pretty much the same line he’s used before — most of his money isn’t sitting in a bank account. It’s locked up in Tesla and SpaceX stock, and that’s a fundamentally different thing than cash.
Sanders had zeroed in on a familiar target: the gap between Musk’s fortune and what the bottom half of American households actually own. Sanders wants higher taxes on the wealthy, and he’s been gaining company in that argument. Zohran Mamdani and Abdul El-Sayed have both pushed similar ideas. Sanders has also been promoting a specific proposal this year — a tax on AI giants designed to seed a $7 trillion public fund. That’s the scale he’s talking about. Seven trillion dollars, redirected from the biggest tech players into public hands.
Musk’s counter was blunt: when SpaceX and Tesla grow, their stock goes up, and that rising value doesn’t just help him. Pension funds hold these shares. Retirement accounts hold them. So when the companies perform, a wide pool of shareholders benefits, not just the guy at the top.
From Trillionaire to $700 Billion and Back
The numbers here are genuinely wild. Forbes currently puts Musk’s net worth at roughly $908 billion. But earlier this year it was higher — around $1.1 trillion in June, which briefly made him the world’s first trillionaire. Then it dropped. By July it had fallen below $700 billion. Then Tesla and SpaceX shares improved through August, and the figure climbed back up.
That kind of swing — hundreds of billions of dollars in a matter of weeks — is basically the whole story of stock-based wealth. It’s not stable. It’s not predictable. And it can move dramatically on sentiment alone, not just on earnings or deliveries or product launches.
SpaceX added a new variable to all of this. The company began trading on the Nasdaq in June under the ticker SPCX, with shares initially priced at $135. That listing means SpaceX’s revenue forecasts and operational milestones now feed directly into public market pricing, which feeds directly into Musk’s net worth figure. Tesla’s delivery numbers do the same thing — each quarterly report shifts investor sentiment, which shifts the stock, which shifts how Forbes calculates what Musk is worth.
What Sanders and Musk Actually Agree On (Sort Of)
Neither of them controls the number. That’s probably the strangest part of this whole debate. Market forces set Musk’s valuation every single trading day. No tweet, no Senate hearing, no political speech changes that directly. Sanders can argue for redistribution all he wants, and Musk can argue his companies benefit the public all he wants — but the actual dollar figure fluctuates based on what traders decide to do with Tesla and SpaceX shares on any given morning.
And that’s kind of the core tension. Sanders frames the wealth gap as a policy failure that demands a fix. Musk frames his fortune as something that can’t really be separated from the companies themselves — if you tax it or force him to liquidate, you’re not just touching his money, you’re touching the stock price, which touches everyone who holds shares.
Whether that argument holds up is another matter. Critics of Musk’s position would say stock-based wealth still confers enormous real-world power and influence, even if it isn’t liquid. The ability to borrow against shares, fund ventures, and shape industries doesn’t require a cash balance.
Mamdani and El-Sayed, both aligned with Sanders on wealth taxes, seem to think the liquid-versus-stock distinction is a dodge. Sanders hasn’t backed down either.
SpaceX’s Nasdaq Debut Adds New Complexity
Before SPCX started trading in June, SpaceX’s valuation was essentially a private-market estimate. Now it’s got a public ticker, a daily price, and the kind of scrutiny that comes with Nasdaq listing. That’s new. It means Musk’s net worth is now tied to two public market prices simultaneously — Tesla’s and SpaceX’s — rather than one public and one private.
The $135 opening price for SPCX was just the start. Where it goes from there depends on launches, contracts, revenue growth, and investor appetite for space-sector exposure. Unclear yet whether the listing will make Musk’s wealth figure more or less volatile than it was when SpaceX was private.
What’s clear is that the Sanders-Musk argument isn’t going away. Sanders keeps pushing the $7 trillion AI tax proposal. Musk keeps pointing to pension funds. And Forbes keeps updating that number — $908 billion, for now.
Frequently Asked Questions
What is Elon Musk’s net worth right now?
Forbes currently values Musk’s net worth at approximately $908 billion, though it peaked near $1.1 trillion in June before dropping below $700 billion in July and rebounding in August.
What tax proposal is Bernie Sanders pushing in 2026?
Sanders has been promoting a tax on AI giants aimed at creating a $7 trillion public fund, part of his broader push for higher taxes on the wealthy.
When did SpaceX start trading on the Nasdaq?
SpaceX began trading on the Nasdaq in June under the ticker SPCX, with shares initially priced at $135 per share.
Why It Matters
This exchange highlights the ongoing debate around wealth inequality and the role of billionaires in society, particularly in the context of the tech sector's massive growth. Musk's defense underscores a common argument among wealthy individuals that their assets are tied up in investments rather than liquid cash, which can complicate discussions about taxation and wealth redistribution. The implications of these conversations resonate beyond individual fortunes, influencing public policy and market perceptions regarding the responsibilities of high-net-worth individuals in contributing to societal welfare.
